All Forum Posts by: Johb White

Thanks a lot.

Thanks to everyone for the advice, I feel well informed now. I really like the creative suggestion that Al Williamson gave

"1 -Ddivide residential space into "storage" space for students going away for 3 months. You're basically creating a non-accessible mini storage for students. If you can get multiple student customers, then you can really get your gross up."

This may not be the ideal scenario but it is a great fall back that I never would have thought of.

I am looking for a good asset protection lawyer in the Tallahassee to form a LLC for real estate property around Tallahassee Florida. I have found many asset protection lawyers on line but have no idea who is good and who is not so good.

Thanks for any help.

Thanks for the advice. Never thought of the property management angle.

I am looking into buying property near Florida State University. I have heard a lot of people say that students pay significantly more than single families do. When I am looking into what single family homes(non student) rent for I use sources like Rentometer. I do not know how to get accurate comps on student rentals because it doesn't seem like the rents shown in Rentometer reflect student rentals.

I am also concerned about having vacancy in the summer months when most students are out of school.  Is there a way to mitigate against this?  

Any advice would be appreciated.

Thanks

I never would have figured 3 girls could share 1 bathroom and not have a huge problem with it. I came from a family of 3 boys so I was really going off assumptions. All of your help has been very helpful.

Thanks for all the help. The 3/1 seems to be a pretty popular layout for rentals.

Thank yall so much for your input. I really appreciate the insight and feel much more confident about the deal.

The house was built in the 50's but has been updated and is in pretty good condition, are there any issues I need to look at in a house of this age, more specifically the electrical and plumbing. Was knob and tube used in the 50's?

I have found a good deal on a 3/1 foreclosure near Florida State University. It is a foreclose well under market value in need of minimal updates, mostly interior paint. Completed I should still be at least 25% below market value. I am wanting to do a buy and hold rental. My main concern is will students rent a 3 bedroom with only 1 bathroom? There is no half bath. I grew up in a hose with 1 bathroom and 5 people and it definitely wasn't ideal. Will I need to add another bathroom or half bath? I don't think I will follow up on the deal if that is the case. I would be looking for at least $700.00 rent which I believe is reasonable.

Any help is greatly appreciated, this would be my first investment.

That seems like good advice, the Lake Jackson area does have a few properties I have considered. I am wary of mobile homes because of what people tell me about the low build quality of mobile homes( I think this is the uneducated consensus view) but these people also know nothing about renting . I would prefer to stay away from mobile homes because I don't think they will appreciate like a standard home will. My main target is rent income but to also make money off appreciation would be ideal. I also think lower end renters would be harder to deal with but I am new to all of this so I could be wrong.

I appreciate your help.